Hong Kong Market slides 1.37%

The Hong Kong share market closed down on Monday, 22 July 2019, following the easier close of the US equity markets on Friday and as active buying in the Science and Technology Innovation Board, also known as the STAR market drained liquidity from existing equities. At closing bell, the Hang Seng Index dropped 1.37%, or 394.14 points, to 28,371.26. The Hang Seng China Enterprises Index was down 1.28%, or 139.10 points, to 10,770.31.

China's new Nasdaq-style STAR tech board started trading on Monday, as shares of the first batch of 25 companies surged following a massive oversubscription prior to their public debut. The turnover of the 25 debutantes of the new STAR technology board topped 48.5 billion yuan (US$7 billion) in the first day of trading.

 

Blue chips fell across the board. HSBC (00005) edged down 0.9% to HK$64.45. HKEX (00388) fell 2.5% to HK$265.4. It was the worst blue-chip loser. Tencent (00700) shed 1.2% to HK$357.6. China Mobile (00941) slipped 1.9% to HK$69.3. AIA (01299) dipped 1.5% to HK$87.15.

Property counters were pressured as the US Fed officials are not unanimous on the expectations of a rate cut at the end of this month. Wharf REIC (01997) dipped 3.7% to HK$50.45. Henderson Land Development (00012) sank 1.8% to HK$42.95. Sino Land (00083) declined by 1.3% to HK$13.3. Sun Hung Kai Properties (00016) retreated 2.6% to HK$132.3. Swire Properties (01972) lost 0.2% to HK$32. Kerry Properties (00683) softened 0.3% to HK$32.95. New World Development (00017) lost 2.4% to HK$12.12. Hang Lung Properties (00101) dipped 0.9% to HK$19.16.

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